Market Analysis and Trades for 11/13
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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Market Analysis for the Week of 11/2
After a borderline manic overnight session, both ES and NQ opened on a true gap up (above the prior day high). NQ opened and immediately nosedived, failing its true gap and selling almost all the way to yesterday’s low. ES buyers initially defended yesterday’s high, but the NQ weakness was too much for any rotation to hold ES together and it ultimately failed its true gap as well. Still structurally much stronger, ES held the key 6852 level as NQ sellers pulled up short of yesterday’s low. Sellers were punished for their hesitancy with a 30 handle/160 handle rally but neither made it back to their opening print the rest of the day.
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